In a bold move aimed at reshaping risk management in the banking sector, Fintrak, a leading indigenous fintech solution provider, recently hosted a groundbreaking event at the prestigious CIVIC Centre.
This event served as a beacon of innovation, shining a
spotlight on Fintrak’s pioneering Credit Risk 360 Solution and its cutting-edge
E-Channel Solutions, customized for modern payment infrastructures.
Navigating the complex web of financial instruments, banks
globally, Nigeria included, grapple with the formidable challenge of credit
risk. Recognizing the urgent need for a robust risk management framework,
Fintrak embarked on a mission to develop a comprehensive solution addressing
the multifaceted nature of credit risk while aligning with the diverse
operational needs of financial institutions.
At the heart of this endeavor lies the Credit Risk 360
Solution, a revolutionary platform designed to mitigate risks across various
banking operations. Endowed with a suite of advanced features, Credit Risk 360
offers real-time portfolio monitoring, comprehensive reporting, and an adaptive
technology driven by Artificial Intelligence (AI) that dynamically adjusts to
evolving risk landscapes and regulatory demands. Bimbo Abioye, Group Managing
Director of Fintrak, elaborated on the platform’s capabilities, emphasizing its
multilingual support catering to African markets and streamlined collateral
management functionalities.
Oluwakemi Kukoyi, a key member of the Fintrak team,
underscored the solution’s versatility and compliance capabilities,
highlighting its robust stress testing and scenario analysis features,
essential for navigating regulatory guidelines effortlessly.
Oluwakemi added that “Fintrak’s Credit Risk 360 Solution
encompasses a suite of essential components crucial for optimizing banking
operations. These include Loan Origination/Collateral Management, which assists
in efficiently handling loan requests and collateral assets.
The Optional Loan Impairment feature ensures regulatory
compliance while addressing loan impairment issues as required. Corporate Bulk
Loan Breaking simplifies the processing of large corporate loans, enhancing
operational efficiency. “
“Our Credit Reporting Software provides comprehensive
insights into credit performance and risk exposure, while Disbursement
Execution streamlines fund allocation for seamless transactions. Loan
Restructuring offers flexibility in adjusting loan terms to adapt to changing
circumstances, and Loan Monitoring enables real-time tracking of portfolios for
proactive risk management. The Embedded Document Management System organizes
and manages crucial documents for credit processes, while Artificial Intelligence/Machine
Learning enhances risk assessment with advanced analytics. “
She added that ” Digital Lending facilitates seamless
digital lending processes for improved customer experience, and Credit Bureau
Integration provides access to comprehensive credit data for informed
decision-making. Together, these components form the foundation of Fintrak’s
Credit Risk 360 Solution, empowering financial institutions with the tools and
insights needed to effectively manage credit risk and optimize operations.”
In addition to its groundbreaking risk management
capabilities, Fintrak’s Credit Risk 360 Solution is complemented by its latest
innovations in E-Channel Solutions, tailored to enhance operational efficiency
and customer experience across payment channels, thus driving digital
transformation within the banking sector.
The event at CIVIC Centre drew a distinguished audience of
banking executives from leading financial institutions, all captivated by the
transformative potential of Fintrak’s solutions. As the event concluded on a
high note, attendees left with a renewed sense of optimism about the
transformative impact of Credit Risk 360 in reshaping the future of banking and
finance in Africa. With a commitment to excellence and innovation, Fintrak
continues to lead the charge towards a more inclusive and digitally empowered
financial ecosystem across the continent.
FinTrak’s Credit Risk 360 software has already seen
successful deployment in major financial institutions such as Access Bank Plc
and First Bank, with ongoing deployment at Wema Bank Plc and all overseas
subsidiaries of the Access Bank Group. Numerous other banks across Africa are
currently considering or in various stages of licensing decisions for this
strategically vital solution, which promises to alleviate the complexities
facing professionals in credit risk management activities.